“ASIC was concerned that consumers may be misled by the advertisements that ran from February to May this year,” said ASIC commissioner Greg Tanzer.

“We are pleased that ISA has worked cooperatively with ASIC and put forward a suitable proposal to address our concerns.”

ISA has agreed to “clarify the terms ‘Average Retail Super Fund’ and ‘Average Industry Super Fund’ by providing details about the samples used in the comparison, including the number of retail and industry funds in the samples, andinclude a voiceover clarifying that past performance is not a reliable indicator of future performance”, the statement said.